Obligation Colombiana 0% ( US195325BH71 ) en USD

Colombiana

100 % ⇌

Colombie

US195325BH71 ( en USD )

16/11/2015 - Obligation échue

Prospectus brochure de l'obligation Colombia US195325BH71 en USD 0%, échue

100 000 USD

400 000 000 USD

195325BH7

La Colombie est un pays d'Amérique du Sud caractérisé par une grande diversité géographique, une riche biodiversité, une histoire complexe et une culture vibrante influencée par des populations indigènes, espagnoles et africaines.

L'Obligation émise par Colombiana ( Colombie ) , en USD, avec le code ISIN US195325BH71, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 16/11/2015

Prospectus Supplement
424B5 1 d424b5.htm PROSPECTUS SUPPLEMENT
Table of Contents
Filed Pursuant to Rule 424(b)(5)
File No. 333-109215
PROSPECTUS SUPPLEMENT
(To prospectus dated October 1, 2003)

Republic of Colombia
U.S. $400,000,000
Floating Rate Notes due 2015
The notes will mature on November 16, 2015. Colombia will pay interest on the notes at a rate per
annum equal to the then applicable U.S. dollar three-month LIBOR rate plus 1.80%, payable quarterly
in arrears on February 16, May 16, August 16 and November 16 of each year, commencing on
February 16, 2006, as more fully described under the heading "Description of the Notes". The notes are
issued only in registered form in denominations of U.S. $100,000 and integral multiples of U.S. $1,000
in excess thereof.
The notes will not be redeemable before maturity and will not be entitled to the benefit of any sinking
fund.
The notes will contain provisions regarding acceleration and future modifications to their terms that
differ from those applicable to Colombia's outstanding public external indebtedness issued prior to
January 21, 2004. Under these provisions, which are described beginning on page S-15 of this
prospectus supplement, Colombia may amend the payment provisions of the notes with the consent of
the holders of 75% of the aggregate principal amount of the outstanding notes.
Application has been made to list the notes on the official list of the Luxembourg Stock Exchange (the
"Exchange") and to trade them on the Euro MTF Market of the Exchange.
See " Risk Factors" beginning on page S-9 to read about certain risks you should consider
before investing in the notes.

Per Note
Total
Public offering price(1)

100.000%
U.S. $400,000,000
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Underwriting discount

0.300%
U.S. $1,200,000
Proceeds, before expenses, to Colombia

99.700%
U.S. $398,800,000
(1) Plus accrued interest from November 16, 2005, if settlement occurs after that date.
Delivery of the notes, in book-entry form only, is expected to be made on or about November 16, 2005.
Neither the Securities and Exchange Commission, referred to as the SEC, nor any other
regulatory body has approved or disapproved of these securities or determined if this
prospectus supplement or the accompanying prospectus is truthful or complete. Any
representation to the contrary is a criminal offense.

Sole Bookrunner and Sole Underwriter
JPMorgan

The date of this prospectus supplement is November 8, 2005.
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Prospectus Supplement
Table of Contents
TABLE OF CONTENTS

PROSPECTUS SUPPLEMENT

Summary

S-3
The Issuer

S-3
The Offering

S-7
Risk Factors

S-9
Certain Defined Terms and Conventions
S-12
About this Prospectus Supplement
S-12
Incorporation by Reference
S-12
Use of Proceeds
S-14
New Provisions Applicable to the Notes
S-15
Recent Developments
S-18
Description of the Notes
S-28
General Terms of the Notes
S-28
Interest Determination of the Notes
S-29
Payment of Principal and Interest
S-30
Paying Agents and Transfer Agents
S-31
Notices
S-31
Jurisdiction; Enforceability of Judgments
S-31
Registration and Book-Entry System
S-32
Certificated Notes
S-33
Further Issues
S-33
Underwriting
S-34
General Information
S-36
PROSPECTUS
About this Prospectus

2
Forward-Looking Statements

2
Use of Proceeds

2
Description of the Securities

3
Taxation

12
Plan of Distribution

13
Official Statements

15
Validity of the Securities

15
Authorized Representative

15
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Where You Can Find More Information

15

You should rely only on the information contained in or incorporated by reference in this prospectus
supplement and the accompanying prospectus. We have not authorized anyone to provide you with
different information. We are not making an offer of these securities in any state where the offer is not
permitted. You should not assume that the information contained in this prospectus supplement or the
accompanying prospectus is accurate as of any date other than the date on the front of this prospectus
supplement.

S-2
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Table of Contents
SUMMARY
This summary should be read as an introduction to the prospectus supplement and the accompanying prospectus.
Any decision to invest in the notes by an investor should be based on consideration of the prospectus supplement
and the accompanying prospectus as a whole. Where a claim relating to the information contained in the
prospectus supplement or the accompanying prospectus is brought before a court in a Member State of the
European Economic Area, the plaintiff may, under the national legislation of the Member State where the claim is
brought, be required to bear the costs of translating the prospectus supplement and the accompanying prospectus
before the legal proceedings are initiated.

The Issuer
Overview
Colombia is the fourth largest country in South America, with a territory of 441,020 square miles (1,141,748
square kilometers). Located on the northwestern corner of the South American continent, Colombia borders
Panama and the Caribbean Sea on the north, Peru and Ecuador on the south, Venezuela and Brazil on the east and
the Pacific Ocean on the west. According to the official projections of the National Administrative Department of
Statistics ("DANE") and the National Planning Department ("DNP"), as of December 2004, Colombia's
population was approximately 45.3 million. Over 7.0 million people live in the metropolitan area of Bogotá, the
capital of Colombia.
Colombia continues to be governed as a Presidential Republic. Colombia is divided into 32 departments. Each
department is divided into municipalities.
Government
The Republic of Colombia is one of the oldest democracies in the Americas. In 1991, a popularly elected
Constitutional Assembly approved a new Constitution, replacing the Constitution of 1886. The Constitution
provides for three independent branches of government: an executive branch headed by the President; a legislative
branch consisting of the bicameral Congress, composed of the Chamber of Representatives and the Senate; and a
judicial branch consisting of the Corte Constitucional (Constitutional Court), the Corte Suprema de Justicia
(Supreme Court of Justice, or "Supreme Court"), the Consejo de Estado (Council of State), the Consejo Superior
de la Judicatura (Supreme Judicial Council), the Fiscalía General de la Nación (National Prosecutor General) and
in such lower courts as may be established by law.
Under the Constitution, the President is elected by direct vote. The President is elected for a four-year term.
Judicial power is vested in the Constitutional Court, the Supreme Court, the Council of State, the Supreme Judicial
Council, the National Prosecutor General and in such lower courts as may be established by law. The function of
the Constitutional Court, whose nine members are elected by the Senate for an eight-year term, is to assure that all
laws are consistent with the Constitution and to review all decisions regarding fundamental rights. The Supreme
Court is the final appellate court for resolving civil, criminal and labor proceedings. The Council of State
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adjudicates all matters relating to the exercise of public authority or actions taken by the public sector, including
the review of all administrative decisions or resolutions that are alleged to contradict the Constitution or the law.
The Council of State also acts as advisor to the Government on administrative matters. Supreme Court and
Council of State justices are appointed for eight-year terms by their predecessors from a list of candidates
provided by the Supreme Judicial Council. The National Prosecutor General, who is appointed for a four-year
term by the Supreme Court from a list of three candidates submitted by the President, acts as the nation's
prosecutor. The judicial branch is independent from the executive branch with respect to judicial appointments as
well as budgetary matters.

S-3
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National legislative power is vested in the Congress, which consists of a 102-member Senate and a 166-member
Chamber of Representatives. Senators and Representatives are elected by direct popular vote for terms of four
years. Senators are elected on a nonterritorial basis, while Representatives are elected on the basis of proportional,
territorial representation. In each department, legislative power is vested in departmental assemblies whose
members are elected by direct popular vote. At the municipal level, legislative power is vested in municipal
councils, which preside over budgetary and administrative matters.
On May 26, 2002, Mr. Alvaro Uribe was elected president of Colombia for the 2002-2006 term after obtaining
53% of the popular vote. Shortly after taking office in August 2002, President Uribe announced the Proyecto de
Seguridad Democrática del Gobierno Nacional (Project for Democratic Security), which seeks to eradicate the
rebel groups and achieve security, using democratic means, for all people against aggressors.
The Uribe administration's four-year development plan, "Hacia un Estado Comunitario" (Towards a
Communitarian State), seeks to increase annual real GDP growth and reduce the unemployment rate and public
sector deficit through economic growth incentives. To these ends, the Government proposed anti-corruption and
fiscal reform measures, which were included in an unsuccessful referendum held on October 25, 2003. The
Government intends to continue its efforts against corruption and for fiscal reform through alternative means. To
this end, five divisions of unauthorized paramilitary organizations were dismantled in November and December
2004 under a demobilization plan developed by the Government. The demobilization plan is the result of the Santa
Fe de Ralito Agreement that was signed between these paramilitary organizations and the Government on July 23,
2003 and ratified on October 7, 2004, through a public announcement called the "Acto de Fe por la Paz". In the
first half of 2005, 541 members of these groups had been reintegrated into civil society.
President Uribe's Minister of Finance is Alberto Carrasquilla Barrera, who has served in that position since June
2003.

S-4
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Table of Contents
Selected Colombian Economic Indicators

2000
2001
2002
2003
2004

Domestic Economy

Real GDP Growth (percent)(1) (2)

2.9%
1.5%
1.9%
4.0%
4.0%
Gross Fixed Investment Growth
(percent)(2)

(2.0)
8.5
10.8
14.1
13.7
Private Consumption Growth
(percent)(2)

2.0
2.7
3.0
2.6
3.9
Public Consumption Growth
(percent)(2)

(0.2)
1.1
0.2
0.6
3.3
Consumer Price Index(3)

8.8
7.7
7.0
6.5
5.5
Producer Price Index(3)

11.0
6.9
9.3
5.7
4.7
Interest Rate (percent)(4)

12.2
12.4
8.9
7.8
7.8
Unemployment Rate (percent)(5)

20.2
16.4
15.7
14.7
13.0
Balance of Payments

(millions of dollars)

Exports of Goods (FOB)(6)
$
13,099 $
12,233 $ 11,794 $ 12,946 $
16,464
Oil and its derivatives(6)

4,569
3,285
3,275
3,383
4,180
Coffee(6)

1,069
764
772
809
949
Imports of Goods (FOB) (6)

10,655
11,826 11,653
12,792
15,324
Current Account Balance(6)

761
(1,094)
(1,340)
(987)
(967)
Net Foreign Direct Investment(6)

2,069
2,509
1,258
863
2,910
Net International Reserves

9,004
10,192 10,841
10,916
13,536
Months of Coverage of Imports
(Goods and Services)

7.5
7.7
8.5
7.9
8.2
Public Finance(7)

(billions of pesos or percentage of GDP)

Nonfinancial Public Sector
Revenue
Ps.69,964

Ps.79,511 Ps. 86,893 Ps. 98,556 Ps.115,300
Nonfinancial Public Sector
Expenditures(8)

77,360
87,509 93,967 104,911
116,882
Nonfinancial Public Sector Primary
Surplus/(Deficit)(9)

2,848
2,697
2,114
5,728
8,399
Percent of GDP(1)

1.6%
1.4%
1.1%
2.5%
3.4%
Nonfinancial Public Sector Fiscal
Surplus/(Deficit)

(6,071)
(7,078)
(7,747)
(5,746)
(3,595)
Percent of GDP(1)

(3.5)%
(3.8)%
(3.9)%
(2.5)%
(1.4)%
Central Government Fiscal
Surplus/ (Deficit)

(9,684)
(10,850) (12,435) (11,528)
(13,983)
Percent of GDP(1)

(5.5)%
(5.8)%
(6.2)%
(5.1)%
(5.6)%
Public Debt(10)

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Public Sector Internal Funded Debt
(billions of
pesos)(11)
Ps.58,824
Ps.
67,413 Ps. 83,421 Ps. 89,273 Ps.99,546
Percent of GDP(1)

33.6%
35.8%
40.8%
39.2%
39.6%
Public Sector External Funded
Debt (millions of dollars)(12)
$
20,112 $
22,932 $ 22,192 $ 24,206 $
25,318
Percent of GDP(1)

24.7%
27.5%
27.5%
29.9%
26.6%
1: GDP figures calculated using new methodology implemented by DANE in 1999. Preliminary figures for 2002, 2003 and 2004.
2: Preliminary figures for 2002, 2003 and 2004.
3: Percentage change over the twelve months ending December 31 of each year.
4: Average for each year of the short-term composite reference rate, as calculated by the Superintendency of Banks.
5: Refers to the average annual percentage of the labor force that was unemployed in the seven largest cities in Colombia during the
years 1997-2000. The 2001, 2002, 2003 and 2004 figures correspond to the average December 2001, December 2002, December
2003 and December 2004 unemployment rates in the thirteen largest cities in Colombia.
6: Figures for all years have been recalculated according to the recommendations contained in the fifth edition of the IMF's Balance of
Payments Manual. Estimated figures for 2000, 2001, 2002, 2003 and 2004. Imports and exports of goods do not include "special
trade operations."
7: All figures calculated according to IMF methodology, which includes privatization, concession and securitization proceeds as part of
public sector revenues.
8: The amounts of Central Government transfers to departments and municipal governments are not eliminated in the calculation of
consolidated nonfinancial public sector revenue and consolidated nonfinancial public sector expenditures and, accordingly, the
revenue and expenditure figures included above are greater than those that would appear were such transfers eliminated upon
consolidation. See "Public Sector Finance."

S-5
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9: Primary surplus/(deficit) equals total consolidated nonfinancial public sector surplus/(deficit) without taking into account interest
payments or interest income.
10: Subject to revision. Exchange rates at December 31 of each year.
11: Includes peso-denominated debt of the Government (excluding state-owned financial institutions and departmental and municipal
governments) with an original maturity of one year or more, and public sector entities' guaranteed internal debt.
12: Includes external debt of the Government (including Banco de la República, public agencies and entities, departments and municipal
governments and state-owned financial institutions) with an original maturity of one year or more.
Sources: Banco de la República, Ministry of Finance and Public Credit ("Ministry of Finance"), Departamento Administrativo Nacional
Estadístico ("DANE") and Consejo Superior de Política Fiscal ("CONFIS").

S-6
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Document Outline

sec.gov
- #1">Prospectus Supplement